Trade Forex Trading

XAU/USD Orders

Gold traders use various order types for XAUUSD trades.

To trade Gold successfully a xauusd trader need to learn about the different trading orders which are used when it comes to trading XAUUSD. A trader must learn each type of trading order so that as they can use it for its correct purpose. The most important thing to remember is that you must understand the orders that you place when trading XAUUSD, and never open an order that you are not familiar with.

Here is a simple list explaining the basic types of trade orders that people usually place when trading XAUUSD metal online.

Market Order

A market order is the most simple kind of order used when trading gold. You use this order to buy or sell at the current price offered. This is the price you now see on your screen.

This order is used to buy and sell based on the current price being shown at the moment. This trade order happens right away - as soon as you want to buy/sell you can use this order to start a position by buying or selling at the current price with a tap.

Entry Orders

These orders start a new trade at a set price level. Use them to buy or sell gold when it hits your target. The order executes once the price arrives.

These orders facilitate entering a trade at a designated price point. Since traders may not have the opportunity to constantly monitor the market, an xauusd trader will set these entry orders to ensure that when the pre-defined price level is reached, the pending entry order is automatically executed, and a buy or sell position is established.

If a trader expects the market to keep trending or hold support for XAUUSD, use entry orders. Set exact prices for trades.

These orders are also known as pending orders because they aren't carried out right away: instead, they're held until the price of Gold hits a certain level.

There are 2 categories of entry orders, these are:

  • Entry Limit
  • Entry Stop

Entry Limit

An order to buy or sell Gold at a particular limit.The limit can either be below or above the present price.

  • A limit that is below the present market price is used for buying
  • A limit that's above the current price is used for selling

Traders set these orders when they think the market will go back up after it reaches the level where the entry limit was set.

A Buy Limit Order specifies the initiation of a buy at a price level that is lower than the current market price.

A buy limit order is used by traders who intend to purchase XAUUSD but prefer waiting until it reaches a specific support level. When XAUUSD touches this predefined support zone, the buy order is triggered. To execute this strategy, the trader places a buy limit at a price below the current market level.

This order will be executed once the price falls to the buy entry limit level.

promote restriction Order specifying to open promote at a rate this is above ruling fee.

A trader establishes this order when they intend to sell XAUUSD, but prefer not to execute at the current going rate: instead, they wish to wait for XAUUSD to reach a designated resistance zone - intending to place a sell order only upon price touching this level. To achieve this, a gold trader will set a Sell Limit order at this Resistance Area an identifiable level situated above the current market price.

This order will be executed once the price rises to sell entry limit level.

Entry Stop

An order to initiate a buy above the current price that is persistently moving upwards or to sell below the current price that is consistently moving downwards. These orders are established when a xauusd trader believes that the current trend will persist, but they wish to open a buy at a higher price, possibly following a price breakout, or to sell at a lower price after a price breakout.

Buy Stop Specifies to buy Gold at a price above ruling price.

When buying this order is opened/executed as the market heads upward and touches the buy stop entry level.

A Sell Stop designation instructs the system to liquidate XAUUSD at a valuation situated beneath the current market price.

When initiating a sell, the order is placed/triggered as the market descends and reaches the designated sell stop entry level.

These orders are also used to trade the market when there is a consolidation trade pattern. A trader will place an order to buy above the consolidation pattern & also another order to open sell below the consolidation trade pattern.

Our subsequent tutorials will cover the process of establishing these Entry Limit and Entry Stop Orders when trading Gold online.

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XAU/USD Broker

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